Repositioning Case Study

History

Viridian acquired the 395-acre property from Cranbury Development Corporation (CDC) in 2006. The property is located at the northeast corner of New Jersey State Highway 130 and Brick Yard Road, two miles from the New Jersey Turnpike Exit 8 and five miles from Exit 8A. Exit 8A is one of the most strategic locations in the country for investment grade tenants to locate hubs of their supply chain network. Viridian secured entitlements for a first-class, 2,800,000 square foot warehouse distribution park, completed remediation and site work, and delivered the project in pad-ready condition.

The property was previously utilized by the Former Unexcelled Chemical Corporation from 1930 to 1954 and was home to manufacturing operations including the production of signal flares, fireworks, insect repellant, and, in later years, military munitions including grenade fuses and six-pound napalm bombs. The plant was closed on July 30, 1954 by the New Jersey Department of Labor shortly after an explosion at the facility resulted in the deaths of two plant workers.

Development

Outcome

2,800,000 square foot class A logistics park

Location

Cranbury, New Jersey

Our Solution

Viridian, though its subsidiary, Cranbury Brick Yard, LLC (CBY), took the place of Credit Agricole and its subsidiary, Cranbury Development Corporation (CDC), on the New Jersey Department of Environmental Protection (NJDEP) Administrative Consent Order (ACO) dated February 2, 2005.

Viridian worked with the Township of Cranbury, Middlesex County, the NJDEP, and the New Jersey Turnpike Authority in its implementation of an integrated remediation and repositioning plan that included the location and removal of munitions of explosive concern (MEC) and munitions constituents (MC) over a 140-acre impacted area of the site. NFA’s incorporated the use of institutional and engineering controls and satisfy continuing requirements for long-term groundwater monitoring.

Our Experience

Over the last fifteen years, the partners have successfully repositioned over 50 Brownfield properties during their careers. Central to Viridian’s success is its ability to provide well collateralized environmental indemnifications to its sellers providing assurance of remediation performance and long-term stewardship.